NOVA Chemicals' Q4 profit nearly triples on higher PE margins

27 February 2014 14:17[Source: ICIS news]

TORONTO (ICIS)--NOVA Chemicals’ fourth-quarter profit nearly tripled to $152m, from $53m in the same period a year before, primarily driven by higher polyethylene (PE) margins, the Canada-based petrochemicals firm said on Thursday.

NOVA’s revenues for the three months ended 31 December were $1.4bn, up from $1.1bn in the 2012 fourth-quarter.

For the full 12 months of 2013, NOVA’s profit rose 24% year on year to $658m, primarily because of higher PE margins and record sales volumes, the company said. Full-year revenues were $5.3bn, compared with $5.1bn in 2012.